Energy and resource efficiency in combination with renewable energy sources constitute the backbone of fu-ture sustainable development in any sector. In this context, the reduction of energy consumption in buildings com-bined with the wide integration of renewable energy sources (RES) in urban areas are vital elements for the long-term transition towards a carbon-neutral society. The EU has identified buildings as the most promising target for improv-ing energy efficiency and has quantified a significant energy-saving potential associated with infrastructure and equipment investments. The calculation of the Smart Readiness Indicator (SRI) involves data collection from various aspects of a building's design, operation, and usage. During the data collection process, the SRI auditor had to ex-tract useful data from drawings, daily log sheets, predefined readings from various Supervisory Control and Data Acquisition systems (SCADA), and from the interview with the energy and/or facility managers, building occupants, and owners. Proper interpretation of SRI scores is crucial for the identification of the energy efficiency and flexibility potentials. This paper presents a comparative case study on the application of SRI in Slovenia and Croatia, focusing on the extraction of energy efficiency and flexibility measures. Additionally, this paper provides general elements of the code of conduct for the smart readiness rating. These elements of the code of conduct for smart readiness rating should be considered as a quality indicator for clients (building owners, facility managers, building users, etc.) on what they should expect and require from SRI auditors in order to achieve expected benefits. Additionally, the strengths and weaknesses of SRI auditing and its role in the decision-making process, specifically in the selection of the optimal energy-renovation scenario, were critically reviewed.